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The recently released National Association of REALTORS Profile of Home Buyers and Sellers 2013 yielded a variety of interesting facts.
When polling consumers about their home-selling experience, the NAR learned that:
• Almost half of home sellers traded up to a larger size and higher priced home and 59 percent purchased a newer home.
• The typical seller lived in their home for nine years. The median tenure has increased in recent years. In 2007, the typical tenure in home was only six years.
• Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
• Recent sellers typically sold their homes for 97 percent of the listing price, and 47 percent reported they reduced the asking price at least once.
• Thirteen percent of recent sellers had to delay or stall selling their home because the value of their home was worth less than their mortgage.
• Thirty-six percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs
• The NAR’s feedback from For-Sale-by-Owner (FSBO) Sellers indicates that:
The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.
• The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (46 percent).
• Approximately one-third of FSBO sellers took no action to market their home, and 64 percent did not offer any incentives to attract buyers.
• The typical FSBO home sold for $184,000 compared to$230,000 among agent-assisted home sales.
The NAR report also reveals these points about individuals queried about their home search process:
• For 42 percent of home buyers, the first step in the home-buying process was looking online for properties and 14 percent of home buyers first looked online for information about the home buying process.
• The use of the Internet in the home search rose slightly to 92 percent.
• Real estate agents were viewed as a useful information source by 87 percent of buyers who used an agent while searching for a home.
• The typical home buyer searched for 12 weeks and viewed 10 homes.
• For more than half of buyers finding the right home was the most difficult step in the home buying process.
• Approximately nine in 10 recent buyers were at least somewhat satisfied with the home buying process
By John Voket